Actuarial Science Undergraduate Program

Actuarial science is the discipline that applies mathematical, statistical methods and financial concepts to assess risks in particular in insurance, finance and other industries and professions. Essentially ‘actuaries’ use statistics to predict uncertain events, such as, accidents, premature death and natural disasters. It is a joint program running together with Mathematics Department and Department of Banking and Finance, which provides highly qualified education with international academic staff, expert in their fields.

Why Actuarial Science ?

  • Actuary occupation takes its place among the first five occupations in top ten in terms of money, prestige and job satisfaction in the USA and in Europe.
  • In U.S. News & World Report’s 2017 ranking of 26 Jobs with the Most Job Security, actuaries (with a median annual salary of $97,070) came in at No. 23.
  • According to the Bureau of Labor Statistics, employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations.
  • The first Actuarial program in TRNC.
  • The first Actuarial Science Program in Turkey, in the medium of English language.
  • According to the “Actuarial Regulations” in Turkey, every insurance company operating in the life branch has to operate an actuary registered with Actuarial Registry.

Academic Staff

The program is conducted by a well equipped academic staff including:

  • 13 professors (5 in mathematics, 3 in computer sciences, 5 in banking and finance)
  • 5 associate professors (2 in mathematics, 3 in banking and finance)
  • 12 assistant professors (10 in mathematics, 2 in banking and finance)

Facilities

  • 3 computer laboratories : 25 client computers in each serving to our students for their practices on different subjects.
  • Trade master lab: a platform to monitor and experience financial transactions
  • Research laboratory: It is equipped with three powerful i7 systems and one Linux system. The systems enable the use of the latest versions of program packages such as Matlab, Maple, Mathematica, Visual Studio, SPSS, Minitab, Eviews, Fortran, R and R studio etc.

Contact

Tel: +90 392 630 1227
Fax: +90 392 365 0416
E-mail: math@emu.edu.tr
Web: https://math.emu.edu.tr

* You can contact the department and / or faculty for detailed information about elective courses.

Semester 1

Calculus - I (MATH151)

Credit: 4 | Lecture Hour (hrs/week): 4 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Limits and continuity. Derivatives. Rules of differentiation. Higher order derivatives. Chain rule. Related rates. Rolle's and the mean value theorem. Critical Points. Asymptotes. Curve sketching. Integrals. Fundamental Theorem. Techniques of integration. Definite integrals. Application to geometry and science. Indeterminate forms. L'Hospital's Rule. Improper integrals. Infinite series. Geometric series. Power series. Taylor series and binomial series.
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Elementary microeconomics. The economic problem. Supply and demand. Elasticity. Marginal analysis of consumers' and firms' behavior. The theory of profit maximization. Analysis of markets. Pricing in competitive and non-competitive markets
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Understanding the business system. Understanding the global context of business. Conducting business ethically and responsibly. Entrepreneurship and the small business. Managing the business enterprise. Organizing the business enterprise.
Credit: 4 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 2 | ECTS: -
Organization of a digital computer. Number systems. Algorithmic approach to problem solving. Flowcharting. Concepts of structured programming. Programming in at least one of the programming languages. Data types, constants and variable declarations. Expressions. Input/output statements. Control structures, loops, arrays.
Credit: 3 | Lecture Hour (hrs/week): 5 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL 181 is a first-semester freshman academic English course. It is designed to help students improve the level of their English to B1+ level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL191 is a first-semester freshman academic English course. It is designed to help students improve the level of their English to B1+ level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.

Atatürk İlkeleri ve İnkilap Tarihi (HIST280)

Credit: 2 | Lecture Hour (hrs/week): 2 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Turkish as a Second Language (TUSL181)

Credit: 2 | Lecture Hour (hrs/week): 2 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 2

Calculus - II (MATH152)

Credit: 4 | Lecture Hour (hrs/week): 4 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Vectors in R3. Lines and Planes. Functions of several variables. Limit and continuity. Partial differentiation. Chain rule. Tangent plane. Critical Points. Global and local extrema. Lagrange multipliers. Directional derivative. Gradient, Divergence and Curl. Multiple integrals with applications. Triple integrals with applications. Triple integral in cylindrical and spherical coordinates. Line, surface and volume integrals. Independence of path. Green's Theorem. Conservative vector fields. Divergence Theorem. Stokes' Theorem.

Linear Algebra (MATH106)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Cartesian coordinate system; Linear equations and lines, system of linear equations, quadratic equations, functionsSelected application to economics and accounting. Matrices, determinants, systems of linear equations and their solutions using Cramer's Rule. . Set theory, counting theory, discrete probability. Descriptive statistics
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): 1 | ECTS: -
Elementary macroeconomics. Determination of national income. The role of government. The banking system. Problems of inflation, unemployment and growth.

Principles Of Insurance And Actuary (ACTS102)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Credit: 3 | Lecture Hour (hrs/week): 5 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL182 is a second-semester freshman academic English course. It is designed to help students improve the level of their English to B2 level, as specified in the Common European Framework of Reference for Languages (CEFR). The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
ENGL192 is a second-semester freshman academic English course. It is designed to help students improve the level of their English to B2 level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.

Semester 3

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Ordinary differential equations of the first order; separation of variables, exact equations, integrating factors, linear and homogeneous equations. Special first order equations; Bernoulli, Riccati, Clairaut equations. Homogeneous higher order equations with constant coefficients. Nonhomogeneous linear equations; variation of parameters, operator method. Power series solution of differential equations. Laplace transforms. Systems of linear differential equations.
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Basic concepts of accounting. Fundamentals of bookkeeping. Recording transactions in journal and ledger books. Principles underlying the balance sheet and income statement. Preparation of financial statements. Income measurement.

Statistics - I (STAT201)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
The course familiarizes students with the basic concepts and techniques in statistics. The course will focus on descriptive statistics and a brief introduction to inferential statistics. Scope of statistics, descriptive and inductive statistics, measures of central tendency and measures of dispersion. Probability, sampling, estimation

Principles Of Life Insurance (ACTS201)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Analyzes the role of the manager in organizations. Topics include: culture and ethics; decision making; planning; organizing; human resources; motivation; and controlling.

Semester 4

Actuarial Mathematics (ACTS202)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -

Financial Mathematics (MATH222)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -

Insurance Accounting (ACTS204)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Introduction to probability and statistics. Operations on sets. Counting problems. Conditional probability and total probability formula, Bayes' theorem. Introduction to random variables, density and distribution functions. Expectation, variance and covariance. Basic distributions. Joint density and distribution function. Descriptive statistics. Estimation of parameters, maximum likelihood estimator. Hypothesis testing.

University Elective - I (UE01)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 5

Statistics (MATH324)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Introduction to statistics. Basic methods of working with observation data, histogram and ogive Descriptive statistics. Estimation of parameters, maximum likelihood estimator. Hypothesis testing. Linear regression.

Insurance Law (ACTS205)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): 1 | ECTS: -
Introduction to financial management, time value of money; corporate investment appraisal; capital structure decisions; the cost of capital; short-term and long-term financing; dividend policy and working capital management. It also includes, net present value and other investment criteria.

Non Life Insurance (ACTS305)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Insurance Software Applications (COMP301)

Credit: 3 | Lecture Hour (hrs/week): 2 | Lab (hrs/week): - | Tutorial (hrs/week): 2 | ECTS: -

University Elective - II (UE02)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 6

Stochastic Analysis (MATH326)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -

Regression Analysis (MATH348)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
This course studies the global financial environment. It mainly examines the international monetary system, exchange rate regimes occurred in the past starting with gold standard, and then fixed and fluctuating exchange rates; contemporary exchange rate regimes, exchange rate determination, international financial markets and transactions in foreign exchange markets in which banks and bankers are more likely to encounter in their usual operations. Major areas covered include globalization process of financial environment, exchange rate determination, balance of payment, foreign currency derivatives and other hedging activities against foreign exchange risks through international financial instruments.

Money and Banking (FINA302)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
This course presents the students underlying economic explanations for why the financial system is organized as it is and to teach them functions of the financial system in the economy. It focuses on the role of interest rates, financial markets and institutions.

Investments (FINA325)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): 1 | ECTS: -
The main objective of the course is to give students an introductory understanding of capital markets and financial instruments. We will focus on three modules, which are equity markets, fixed income markets, and derivative markets (options and futures). The course covers the following major topics: elements of Investments, fixed-income securities and security analysis.

University Elecitive - III (UE03)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Internship (BANK400)

Credit: - | Lecture Hour (hrs/week): - | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -
Students are required to complete a 4 week internship at a financial institution, as approved by the Chair of the Department.

Semester 7

Risk Theory (ACTS401)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Reinsurance (ACTS302)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Data Mining (COMP411)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -

Area Elective I (AE01)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Area Elective II (AE02)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Semester 8

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): 1 | ECTS: -
The main objective of the course is to give students an introductory understanding of modern portfolio management and its implications for investment management and the pricing of assets. The course covers the following major topics: portfolio theory, efficient diversification, pricing models, mutual funds and investment Companies.

Financial Modeling (FINA462)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): 1 | Tutorial (hrs/week): - | ECTS: -
The aim of this course is to improve students’ financial modeling skills by constructing spreadsheet models.

Area Elective III (AE03)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Behavioral Finance (FINA418)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

Area Elective IV (AE04)

Credit: 3 | Lecture Hour (hrs/week): 3 | Lab (hrs/week): - | Tutorial (hrs/week): - | ECTS: -

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Actuarial-Science